Ashcraft Sietman Tax Service

34


Ashcraft Sietman Tax Service
Ashcraft Sietman Tax Service is listed in the Tax Return Preparation & Filing category in Kent, Ohio. Displayed below is the only current social network for Ashcraft Sietman Tax Service which at this time includes a Facebook page. The activity and popularity of Ashcraft Sietman Tax Service on this social network gives it a ZapScore of 34.

Contact information for Ashcraft Sietman Tax Service is:
724 Grove Ave
Kent, OH 44240
(330) 673-2022
Do you own or manage this business? Click here to claim the Ashcraft Sietman Tax Service listing and add social networks, logos, descriptions and more.

Ashcraft Sietman Tax Service Contact Information:

  • 724 Grove Ave
    Kent, OH 44240
  • Map
  • Phone: (330) 673-2022
Social Posts for Ashcraft Sietman Tax Service

Revised IRS Special Edition Tax Tip 2017-06 -------------------------------------------------------------------------------- Time Running Out to Claim $1 Billion in Tax Refunds from 2013 Taxpayers who did not file a tax return for 2013 may be one of the nearly 1 million who may be due a refund from that year. Taxpayers must claim their part of almost $1 billion by this year’s April 18 tax deadline. To claim a refund, taxpayers must file a 2013 federal income tax return. Here are some facts about unclaimed refunds: * The unclaimed refunds apply to people who did not file a federal income tax return for 2013. The IRS estimates that half the potential refunds are more than $763. * Some people, such as students and part-time workers, may not have filed because they had too little income to require them to file a tax return. They may have a refund waiting if they had taxes withheld from their wages or made quarterly estimated payments. A refund could also apply if they qualify for certain tax credits, such as the Earned Income Tax Credit. * The law generally provides a three-year window to claim a tax refund. For 2013 returns, the window closes on April 18, 2017. * The law requires that taxpayers properly address, mail and postmark their tax returns by April 18, 2017, to claim their refund. * After three years, unclaimed refunds become property of the U.S. Treasury. There is no penalty for filing a late return if taxpayers are due a refund. * The IRS may hold 2013 refunds if taxpayers have not filed tax returns for 2014 and 2015. The U.S. Treasury will apply the refund to any federal or state tax owed. Refunds may also be held to offset unpaid child support or past due federal debts such as student loans. * Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for prior years should ask for copies from employers, banks or other payers. Taxpayers unable to get these copies can request a wage and income transcript either online or by mail. Taxpayers can also file Form 4506-T to get a transcript. * The three-year window also usually applies to a refund from an amended return. In general, you must file Form 1040X, Amended U.S. Individual Income Tax Return, within three years from the date you filed your original tax return. You can also file it within two years from the date you paid the tax, if that date is later than the three-year rule. That means the deadline for most people to amend their 2013 tax return and claim a refund will expire on April 18, 2017.

IRS Tax Tip 2017-23 -------------------------------------------------------------------------------- Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: 1. Main Home. If the canceled debt was a loan on a taxpayer’s main home, they may be able to exclude the canceled amount from their income. They must have used the loan to buy, build or substantially improve their main home to qualify. Their main home must also secure the mortgage. 2. Loan Modification. If a taxpayer’s lender canceled or reduced part of their mortgage balance through a loan modification or ‘workout,’ the taxpayer may be able to exclude that amount from their income. They may also be able to exclude debt discharged as part of the Home Affordable Modification Program, or HAMP. The exclusion may also apply to the amount of debt canceled in a foreclosure. 3. Refinanced Mortgage. The exclusion may apply to amounts canceled on a refinanced mortgage. This applies only if the taxpayer used proceeds from the refinancing to buy, build or substantially improve their main home and only up to the amount of the old mortgage principal just before refinancing. Amounts used for other purposes do not qualify. 4. Other Canceled Debt. Other types of canceled debt such as second homes, rental and business property, credit card debt or car loans do not qualify for this special exclusion. On the other hand, there are other rules that may allow those types of canceled debts to be nontaxable. 5. Form 1099-C. If a lender reduced or canceled at least $600 of a taxpayer’s debt, the taxpayer should receive Form 1099-C, Cancellation of Debt, by Feb. 1. This form shows the amount of canceled debt and other information. 6. Form 982. If a taxpayer qualifies, report the excluded debt on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. They should file the form with their income tax return. 7. IRS.gov Tool. Taxpayers should use the Interactive Tax Assistant tool - Do I Have Cancellation of Debt Income on My Personal Residence? - on IRS.gov to find out if their canceled mortgage debt is taxable. 8. Exclusion Extended. The law that authorized the exclusion of cancelled debt from income was extended through Dec. 31, 2016. 9. IRS Free File. IRS e-file is fastest, safest and easiest way to file. Taxpayers can use IRS Free File to e-file their tax return for free. If they earned $64,000 or less, they can use brand name tax software. The software does the math and completes the right forms for them. If they earned more than $64,000, they can use Free File Fillable Forms. This option uses electronic versions of IRS paper forms. It is best for those who are used to doing their own taxes. Free File is available only on IRS.gov/freefile. 10. More Information. For more on this topic see Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers should keep

IR-2017-48 -------------------------------------------------------------------------------- Tax Time Guide: Use IRS.gov to Find Qualified Tax Professionals WASHINGTON — The Internal Revenue Service today reminded taxpayers that IRS.gov offers many useful tips and information to find a qualified tax professional. This is the third in a series of 10 IRS tips called the Tax Time Guide, designed to help taxpayers navigate common tax issues. This year’s tax-filing deadline is April 18. More than 150 million individual returns were filed last year and over half of those were prepared by a paid return preparer. Taxpayers can use the IRS.gov/chooseataxpro website that includes a list of consumer tips for selecting a tax professional. There is also a page with IRS Tax Pro Association Partners that includes links to national nonprofit tax professional groups which can help taxpayers seeking the right type of qualified help. Here are some basic tips to keep in mind when selecting a tax professional: Select an ethical preparer. Taxpayers entrust vital personal data with the person preparing their tax return, including income, investments and Social Security numbers. Review the tax return and ask questions before signing. Taxpayers are legally responsible for what’s on their tax return, regardless of whether someone else prepared it. Make sure the preparer signs the return and includes their Preparer Tax Identification Number (PTIN). The vast majority of paid preparers are required to have a valid PTIN. Never sign a blank tax return. It’s a clear red flag when a taxpayer is asked to sign a blank tax return. The preparer can put anything they want on the return — even their own bank account number for the tax refund. In 2015, the IRS launched a Directory of Federal Tax Return Preparers with Credentials and Select Qualifications on the IRS website to help taxpayers verify credentials and qualifications of tax professionals. The Directory is a searchable, sortable database that includes the name, city, state and zip code of credentialed return preparers who are CPAs, enrolled agents or attorneys, as well as those who have completed the requirements for the IRS Annual Filing Season Program. The IRS requires anyone who prepares any federal tax return for compensation to obtain a PTIN. Valid PTINs are issued by the IRS. There are almost 700,000 individuals with valid PTINs. Anyone with a valid PTIN can prepare and sign federal tax returns they prepare. For more information, see: * Who can represent you before the IRS? * Things to remember when choosing a tax preparer * When, and how, do I file a complaint about a tax preparer?

IRS Tax Tip 2017-21 -------------------------------------------------------------------------------- Get Credit for Making a Home Energy Efficient Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items added to a taxpayer’s main home last year. Qualified improvements include adding insulation, energy-efficient exterior windows and doors, and certain roofs. Do not include the cost to install these items. The other part of the credit is not a percentage of the cost. It includes the installation costs of certain high-efficiency heating and air-conditioning systems, high-efficiency water heaters and stoves that burn biomass fuel. The credit amount for each type of property has a different dollar limit. This credit has a maximum lifetime limit of $500. Taxpayers may only use $200 of this limit for windows. A taxpayer’s main home must be located in the U.S. to qualify for the credit. The non-business energy property credit is only available for existing homes. Be sure to have the written certification from the manufacturer that their product qualifies for this tax credit. They usually post it on their website or include it with the product’s packaging. Taxpayers can use this to claim the credit. Do not attach it to a tax return. Keep it with tax records. Taxpayers may claim the credit on their 2016 tax return if they didn’t reach the lifetime limit in past years. Under current law, Dec. 31, 2016, was the deadline for qualifying improvements to the taxpayer’s main U. S. home. Residential Energy Efficient Property Credit This tax credit is 30 percent of the cost of alternative energy equipment installed on or in a home. This includes the cost of installation. Qualified equipment includes solar hot water heaters, solar electric equipment, wind turbines and fuel cell property. There is no dollar limit on the credit for most types of property. If the credit is more than the tax owed, carry forward the unused portion of this credit to next year’s tax return. The home must be in the U.S. It does not have to be a taxpayer’s main home, unless the alternative energy equipment is qualified fuel cell property. The residential energy efficient property credit is available for both existing homes and homes under construction. This credit is available through 2016. Use Form 5695, Residential Energy Credits, to claim these credits. For more information on this topic, refer to the form’s instructions. Get IRS forms anytime on IRS.gov/forms.

IRS Tax Tip 2017-20 -------------------------------------------------------------------------------- IRS Can Help Taxpayers Get Form W-2 Most taxpayers got their W-2 Forms by the end of January. Form W-2, Wage and Tax Statement, shows the income and taxes withheld from an employee’s pay for the year. Taxpayers need it to file an accurate tax return. If a taxpayer hasn’t received their form by mid-February, here’s what they should do: * Contact their Employer. Taxpayers should ask their employer (or former employer) for a copy of their W-2. Be sure the employer has the correct address. * Call the IRS. If a taxpayer is unable to get a copy from their employer, they may call the IRS after Feb. 27. The IRS will send a letter to the employer on the taxpayer’s behalf. The taxpayer will need the following when they call: * Their name, address, Social Security number and phone number; * Their employer’s name, address and phone number; * The dates they worked for the employer; and * An estimate of their wages and federal income tax withheld in 2016. Use a final pay stub for these amounts. * File on Time. Taxpayers should file their tax return by April 18, 2017. If they still haven’t received their W-2, they should use Form 4852, Substitute for Form W-2, Wage and Tax Statement. They should estimate their wages and taxes withheld as best as possible. To request more time to file, use Form 4868, Application for Automatic Extension of Time to File. Taxpayers can also e-file a request for more time. Do it for free using IRS Free File. However, remember, an extension of time to file your return is not an extension of time to pay taxes owed. * Correct a Tax Return if Necessary. Taxpayers may need to correct their tax return if they get a missing W-2 after they file. If the tax information on the W-2 is different from what they originally reported, they may need to file an amended tax return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to make the change.